Sprout Mortgage exec lands head post at Deephaven

“Paul has the drive and commitment to help our wholesale partners thrive in the non-QM market,” said Deephaven chief sales officer Tom Davis. “We are pleased to add him to our growing team.”

“I consider Deephaven the nation’s leading non-QM lender, and it’s exciting to join the company at this moment, just as non-QM is really starting to take off,” Howarth said. “By providing everything in-house – technology, training, support, service, product manufacturing, and underwriting – we are able to offer a top-notch experience for our customers.”

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According to sources familiar with the matter, Howarth left Sprout at a time when the company is cutting some of its staff. The nonbank has not released any comments yet, but one official told Inside Mortgage Finance that the layoffs initially centered on trimming the lender’s correspondent unit. This time around, however, other parts of the company were impacted.